Saga Tankers upsizes plan to increase share capital

Oslo-listed Saga Tankers has authorised a plan to raise its share capital by issuing new shares worth up to NOK 143,366,305 ($16.76m) by the end of June 2017.

The plan was ok-ed at an extraordinary general meeting (EGM) held in Oslo today and supercedes a former authorisation, under which the company could raise its share capital by up to NOK 87,916,864 ($10.27m).

“The authorisation may be used to fund investments, by raising equity through issuance of new shares or by offering shareholders of potential target companies settlement in full or in part as shares in the company,” Saga stated in the EGM’s minutes.

The authorisation comprises share capital increase by non-cash payment or a right to charge the company with special obligations.

Separately, the EGM authorised Saga’s board of directors to purchase shares in the company with a par value of up to NOK 28,673,611 ($3.23m) at minimum price of between NOK 1 and 10 per share.

Saga Tankers currently has a market capitalisation of NOK 708.23m ($82.67m) and has 286.73m shares outstanding.

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.